Who is Friedrich Hayek?
Friedrich Hayek was a Austrian economist born in 1899. He became legendary for his work in economic theory. After the First World War he studied at the University of Vienna taking Law in 1921 and continuing with Political Science in 1923. Throughout his economic career he was well published, one of his more famous The Road to Serfdom. Early in Friedrich's career his ideas were strongly rivaled by that of John Maynard Keynes. In the 1960's and 70's his work became more widely adopted. Friedrich Hayek has been called a father of modern day capitalism.
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The faults of keynesian Economics
What are Hayek's Central Theories?
The government should have little economic control
Believes in the power of the individual
Individualism is the heart of his theories
Believes in free market economy
What is so special about Friedrich Hayek?
Friedrich Hayek became famous in the later part of his career for his work in economic theory. He fostered the idea of capitalism, however, he was rivaled by a man named John Maynard Keynes. Friedrich Hayek was a critic of collectivist thinking (socialism). He believed that eventually the government would take totalitarian control over its people. This lead Hayek to be a strong believer in the individual ability of the people (capitalism). Friedrich Hayek has written many books including his critically acclaimed book "The Road to Serfdom" . His work has been utilized in many countries, influencing politicians like Great Britain's Margaret Thatcher. Hayek has also won a multitude of awards including a Nobel Prize for author in 1974.
Friedrich Hayek
What is Capitalism?
Capitalism is a economic theory created overtime and by a variety of theorists. Two individuals that popularized capitalism are Adam Smith and Friedrich Hayek. They believed in the economic ability of the individual and that there should be a free market. A free market is a marketplace where the government has little or no control over the prices of goods or the economy, and that the people should have full control of themselves. This means that any money made or lost is the individual's burden. According to Hayek, the government rules and regulations should facilitate a free market and not impede competition between businesses. A criticism of capitalism is that it produces a growing gap between the lower class and the upper class.
Friedrich Hayek and Capitalism
Who is Friedrich Hayek?
Friedrich Hayek was a Austrian economist born in 1899. He became legendary for his work in economic theory. After the First World War he studied at the University of Vienna taking Law in 1921 and continuing with Political Science in 1923. Throughout his economic career he was well published, one of his more famous The Road to Serfdom. Early in Friedrich's career his ideas were strongly rivaled by that of John Maynard Keynes. In the 1960's and 70's his work became more widely adopted. Friedrich Hayek has been called a father of modern day capitalism.
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What is so special about Friedrich Hayek?
Friedrich Hayek became famous in the later part of his career for his work in economic theory. He fostered the idea of capitalism, however, he was rivaled by a man named John Maynard Keynes. Friedrich Hayek was a critic of collectivist thinking (socialism). He believed that eventually the government would take totalitarian control over its people. This lead Hayek to be a strong believer in the individual ability of the people (capitalism). Friedrich Hayek has written many books including his critically acclaimed book "The Road to Serfdom" . His work has been utilized in many countries, influencing politicians like Great Britain's Margaret Thatcher. Hayek has also won a multitude of awards including a Nobel Prize for author in 1974.
What is Capitalism?
Capitalism is a economic theory created overtime and by a variety of theorists. Two individuals that popularized capitalism are Adam Smith and Friedrich Hayek. They believed in the economic ability of the individual and that there should be a free market. A free market is a marketplace where the government has little or no control over the prices of goods or the economy, and that the people should have full control of themselves. This means that any money made or lost is the individual's burden. According to Hayek, the government rules and regulations should facilitate a free market and not impede competition between businesses. A criticism of capitalism is that it produces a growing gap between the lower class and the upper class.
For more Resources use the following:
https://www.youtube.com/watch?v=gPJWwiKnYGs
http://www.econlib.org/library/Enc/bios/Hayek.html
http://www.essentialhayek.org/about-friedrich-hayek